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Keyword: oil

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  • Colorado’s skyrocketing electricity prices could get much worse

    11/26/2015 7:59:46 PM PST · by george76 · 20 replies
    Independence Institute ^ | November 24, 2015 | michael
    The cost of electricity for Colorado residents skyrocketed 63 percent between 2001 and 2014, far outpacing median income in the state at just 24 percent over the same time period ... Retail residential electricity rates increased from 7.47 cents per kilowatthour in 2001 to 12.18 cents per kilowatthour by 2014, a 63.1 percent hike. Coloradans median income, however, went up just 24.1 percent, from $49,397 to $61,303. Median income in Colorado actually declined between 2008 and 2012. ... Not to mention the state's many business owners, including small business owners, who face the same hikes in energy costs that could...
  • Meet The Man Who Funds ISIS: Bilal Erdogan, The Son Of Turkey's President

    11/26/2015 6:13:20 AM PST · by FR_addict · 21 replies ^ | 11/25/2015 | Tyler Durden
    ...The prime source of money feeding ISIS these days is sale of Iraqi oil from the Mosul region oilfields where they maintain a stronghold. The son of Erdogan it seems is the man who makes the export sales of ISIS-controlled oil possible. Bilal Erdogan owns several maritime companies. He has allegedly signed contracts with European operating companies to carry Iraqi stolen oil to different Asian countries. The Turkish government buys Iraqi plundered oil which is being produced from the Iraqi seized oil wells. Bilal Erdogans maritime companies own special wharfs in Beirut and Ceyhan ports that are transporting ISIS smuggled...
  • Gaia Beats Mars: How Our Military Is Being Turned Into Green Eco-Wussies

    11/26/2015 7:21:27 AM PST · by markomalley · 12 replies
    Breitbart National Security ^ | 11/26/15 | James Delingpole
    Islamic State earns about $500 million a year from its oil revenues. But according to former CIA director Mike Morrell, US fighter aircraft have been ordered not to bomb their oil wells in case they cause “environmental damage.”Yes. That makes sense. Clearly one of the main priorities in any war of attrition should be to do everything possible to protect your enemies’ lives, wellbeing and resources.Some might argue that a merciless death cult which now controls swathes of Iraq and Syria and a population of around 10 million, which makes $2 billion a year from oil and extortion, which rapes and...
  • Ex-CIA chief: Fear for environment stays US hand on ISIS oil wells

    11/25/2015 7:27:13 PM PST · by 2ndDivisionVet · 29 replies
    The Hill ^ | November 25, 2015 | Bradford Richardson
    A former CIA director says concerns about environmental impact have prevented the White House from bombing oil wells that finance the Islamic State in Iraq and Syria (ISIS). “We didn’t go after oil wells, actually hitting oil wells that ISIS controls, because we didn’t want to do environmental damage, and we didn’t want to destroy that infrastructure,” Michael Morell said Tuesday on PBS’s “Charlie Rose.” Morell cautioned that he does not “sit in the room anymore” where strategic decisions are made, but said prior to the Paris terrorist attack earlier this month, “There seemed to have been a judgment that,...
  • U.S Drillers’ Operating Loses Could Surge In 2016

    11/25/2015 9:27:01 AM PST · by bananaman22 · 3 replies ^ | 25-11-2015 | Mike
    What do you do when all of the low hanging fruit is gone? That question is one that oil producers are increasingly facing as they confront an oil price slump that is now more than a year old and shows no serious signs of abating. With oil prices having fallen by nearly half over the last sixteen months, it is little wonder that oil companies found their balance sheets under pressure. From Exxon to Continental all oil companies have faced problems in maintaining their capital spending and more importantly, their profitability. In light of that, it is little wonder that...
  • WATCH: Heidelberg Spar Upended in Gulf of Mexico

    11/25/2015 6:16:07 AM PST · by SWAMPSNIPER · 12 replies ^ | November 24, 2015 | Mike Schuler
    Anadarko's Heidelberg Spar has made the 400 mile trip from Ingleside, Texas to its new home at the Green Canyon 859 block in the deepwater Gulf of Mexico, where it has now been upended.
  • Oil Jobs Lost: 250.000 And Counting, Texas Likely To See Massive Layoffs Soon

    11/24/2015 7:44:46 AM PST · by bananaman22 · 12 replies ^ | 24-11-2015 | Charles
    Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb. According to Graves & Co., an industry consultant, oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if oil prices remain in the dumps
  • Riyadh Feels the Pinch: The True Cost of Saudi Subsidies

    11/24/2015 5:15:41 AM PST · by thackney · 18 replies
    Geopolitical Monitor ^ | November 17, 2015 | Kirstin Berndt
    In downtown Riyadh, SUV-populated intersections and lushly landscaped parks leave little indication that Saudi Arabia is rapidly depleting its oil and water resources. The Saudi predilection for gas-guzzling vehicles and water-intensive leisure spaces is hardly surprising- governmental subsidies have long obscured the true cost of these resources. Saudis pay about 60 cents a gallon at the pump, which makes the average cost to fill a tank less than $20. Electricity, powered primarily by oil, costs only USD 0.6 per kilowatt hour. Drinking water supplied to Saudi households is so cheap that it is practically free. These low commodity rates are...
  • Energy Downturn Spreads Beyond the Oil Patch

    11/24/2015 5:12:30 AM PST · by thackney · 12 replies
    Wall Street Journal ^ | Nov. 23, 2015 | CHESTER DAWSON
    The prolonged slump in crude prices is rippling beyond the oil industry into areas of the North American economy... ...crude-market decline in its 17th month and nearly a year after OPEC dealt prices a sharp blow by refusing to rein in output, lower profits and mounting losses are crimping budgets, spurring multiple rounds of job cuts and driving some energy companies to seek bankruptcy protection. Signs of that distress are spreading throughout once-booming oil-producing regions across North America. Sales of single-family homes in Houston fell 10% on the year in October, the first double-digit decline this year, according to the...
  • "Get Out Of Your Trucks And Run Away": US Gives ISIS 45 Minute Warning On Oil Tanker Strikes

    11/23/2015 12:14:39 PM PST · by amorphous · 25 replies
    Zero Hedge ^ | 23 Nov 2015 | Tyler
    Last week, in the wake of Russian and US airstrikes on ISIS oil convoys, we asked three important questions: 1.Who are the commodity trading firms that have been so generously buying millions of smuggled oil barrels procured by the Islamic State at massive discounts to market, and then reselling them to other interested parties? In other words, who are the middlemen? 2.Can it possibly be true, as officials now claim, that the Obama administration refrained from bombing Islamic State oil trucks because Washington thought the group was "only" making $100 million per year instead of $400 million? 3.Is it likely,...
  • Turkey: The Country ISIS Uses As A Home Base And Where It Has Sold...Oil (Turkey helps AQI and MB)

    11/23/2015 8:17:20 AM PST · by SetFree · 8 replies
    Z3 News ^ | November 23, 2015 | Michael Snyder
    Article: "The same official confirmed that Turkey, a longstanding member of NATO, is not just supporting ISIS, but also other jihadist groups, including Ahrar al-Sham and Jabhat al-Nusra, al-Qaeda’s affiliate in Syria. “The distinctions they draw [with other opposition groups] are thin indeed,” said the official. “There is no doubt at all that they militarily cooperate with both.”" Video: (Video portion: Judicial Watch released USG documents showing Turkey backing ISIS and America knew in August, 2012 that Salafist (one of the violent jihadist beliefs), Muslim Brotherhood (MB) and AQI (Al Qadea in Iraq) are the major forces driving insurgency (turned...
  • Russian airstrikes destroy 472 terrorist targets in Syria in 48 hours, 1,000 oil tankers in 5 days

    11/23/2015 4:27:41 AM PST · by tcrlaf · 60 replies
    RT ^ | 11-23-2015 | RT
    Russian airstrikes have torched more than 1,000 tankers taking stolen crude oil to Islamic State refineries. This blow against the jihadists comes as the Russian Air Force has hit 472 terrorist targets in two days in Syria, making 141 sorties. All Russian aircraft have successfully returned to the Khmeimim airbase near Latakia, Major General Igor Konashenkov, spokesman for the Russian Defense Ministry, said in a daily briefing.
  • Year after key OPEC meeting, oil bankruptcies rise to 37

    11/20/2015 10:22:11 AM PST · by thackney · 8 replies
    Fuel Fix ^ | November 20, 2015 | Collin Eaton
    A year after Saudi Arabia and its oil cartel decided to keep their oil wells running and let plunging prices correct a global oversupply, the number of bankruptcy cases among North American oil drillers has risen to 37. And that figure could double next year if crude stays cheap, as at least as many oil companies appear to be on the precipice of running out of cash or are coming up on deadlines to pay off their debt, attorneys at Dallas-based Haynes & Boone said Friday. The casualty count could end up growing larger than in the 2009 financial crisis,...
  • UAE oil minister defends OPEC’s decision not to cut production

    11/20/2015 4:50:21 AM PST · by thackney · 4 replies
    Al Arabiya ^ | 19 November 2015 | Reuters
    United Arab Emirates’ energy minister said on Wednesday he did not regret last year’s OPEC decision not to cut the production ceiling in the face of falling prices. “I am sure that the decision was right and I am confident that the market will stabilise,” Suhail al-Mazrouei said at an industry conference in Dubai. “We are not regretting the decision we took, we had no option,” he said. “Yes it’s painful for many producers around the world and we share that pain, but it doesn’t mean that we need to do something that is not sustainable.” The Organization of Petroleum...
  • ISIS oil revenue 'damaged' by airstrikes, low price

    11/20/2015 4:47:14 AM PST · by thackney · 5 replies
    CNBC ^ | 19 Nov 2015 | Holly Ellyatt
    A combination of successful airstrikes by Western governments and drop in the oil price are helping to cut off a much-needed revenue stream for the so-called Islamic State (ISIS) terrorist group, an energy analyst says. "The damage is being done, which is why we have seen ISIS oil production go from 110,000 barrels a day to 40,000 barrels a day," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Thursday. Following Friday's terrorist attacks in Paris and confirmation that a bomb brought down a Russian airliner in the Sinai desert a couple of weeks ago -- attacks both pinned...
  • Goldman eyes $20 oil as glut overwhelms storage sites

    11/20/2015 4:46:01 AM PST · by GonzoII · 25 replies
    The Telegraph ^ | GMT 19 Nov 2015 | Ambrose Evans-Pritchard
    "The world is floating in oil. The numbers we are facing now are dreadful," said David Hufton from PVM Group The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned. Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called 'cash cost' that forces drillers to...
  • Iraqi Oil Selling at $30 as OPEC Readies for New Battles

    11/19/2015 1:25:17 PM PST · by thackney · 32 replies
    Reuters via Rig Zone ^ | November 19, 2015 | Alex Lawler and Rania El Gamal
    Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel. Iraq's output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world's fastest source of supply growth and a key driver of surging OPEC production. At most, that growth is likely to give way to a modest rise next year, easing downward...
  • The Most Important Question About ISIS That Nobody Is Asking

    11/19/2015 1:11:01 PM PST · by amorphous · 52 replies
    Zero Hedge ^ | 19 Nov 2015 | Tyler
    The question of how the Islamic State funds its sprawling caliphate has been discussed in the past: we first broke down the primary driver of ISIS revenue well over a year ago, in September 2014, when we explained that "ISIS uses oil wealth to help finance its terror operations." ... We wonder how long until someone finally asks the all important question regarding the Islamic State: who is the commodity trader breaching every known law of funding terrorism when buying ISIS crude, almost certainly with the tacit approval by various "western alliance" governments, and why is it that these governments...
  • TransCanada and Enmax confirm layoffs in a rough week for Calgary workers

    11/19/2015 8:22:42 AM PST · by thackney · 5 replies
    Calgary Herald ^ | November 18, 2015 | DAN HEALING
    Both TransCanada Corp. and city-owned Enmax Corp. confirmed they laid off staff Wednesday as a provincewide economic slowdown blamed on low commodity prices hits pipeline and utility sectors. "This is a difficult time for all of our employees and contractors, as it is for those at many companies right now. These decisions aren't made lightly," said TransCanada spokesman Mark Cooper in an e-mail. He said the company wouldn't provide details on the reductions until they are complete, refusing comment on anonymous social media postings that claim the layoffs are being rolled out over three days, through Friday, and involve hundreds...
  • Putin hits ISIS where it hurts: Russia hits more than 200 targets in 24 hours as Moscow [tr]

    11/19/2015 6:12:59 AM PST · by C19fan · 15 replies
    UK Daily Mail ^ | November 19, 2015 | Keiligh Baker
    Russia has released footage which shows its fighter jets targeting oil trucks and a refinery, as Moscow confirmed it hit more than 200 targets in Syria in 127 sorties. On Tuesday alone, the day Russia confirmed a terrorist attack caused the downing of a passenger jet in Egypt, it hit 206 targets a defence ministry source told RT. France meanwhile said it had destroyed 35 targets since the terrorist attack. As well as flying from an airfield near Latakia, they also flew strategic bombers from Russian territory.
  • Hitting the Islamic State’s Oil Isn’t Enough

    11/19/2015 4:50:03 AM PST · by thackney · 27 replies
    Foreign Policy ^ | NOVEMBER 17, 2015 | DAVID FRANCIS, DAN DE LUCE
    U.S. and coalition warplanes have launched a rapidly intensifying air campaign against the Islamic State's oil wells, refineries, and pump stations in recent days, mounting combat missions designed to incinerate tanker trucks and knock out the facilities that form the backbone of the group's oil-smuggling racket. The air raids are meant to wreck the Islamic State's ability to profit off captured oil fields, but even if the strikes work, the extremists will have plenty of cash on hand. That's because the militant group's most important revenue stream comes not from crude oil but from extorting money from the millions of...
  • Oil companies announce significant write-downs in third-quarter 2015

    11/19/2015 4:43:34 AM PST · by thackney · 6 replies
    Energy Information Administration ^ | November 18, 2015 | Energy Information Administration
    International and U.S. upstream oil companies wrote down $38 billion in assets in the third quarter of 2015, the largest for any quarter since at least 2008 for this set of 46 companies (Figure 1). Low oil prices continue to have a significant effect on the value of companies' assets and future prospects as well as on current revenue. Although the volume of total liquids output for this group of companies increased over third-quarter 2014, the fall in oil prices contributed to a year-over-year decline in revenue. Lower oil prices also contributed to a 33% decline in cash flow from...
  • While US crude imports rise from Iraq, Saudi’s remain subdued

    11/18/2015 9:48:00 AM PST · by thackney · 4 replies
    Fuel Fix | November 18, 2015 | Matt Smith
    It is Margaret Atwood's 76th birthday, and her 2009 novel 'The Year of the Flood' seems an appropriate way to sum up the crude market this year. We await the weekly EIA inventory report this morning, with oil inventories less than 4 million barrels shy of the record of 490.9 mn bbls seen earlier in the year ( itself an 80-year high). While a near-2 million barrel build is expected from today's report, last night's API report has put the putty cat among the pigeons by yielding a surprise draw of 0.4 mn bbls. The API report also showed a...
  • Why French Military Action In Syria Doesn’t Affect Oil Prices

    11/18/2015 8:45:38 AM PST · by bananaman22 · 3 replies ^ | 18-11-12015 | apache
    The horrific attacks in Paris prompted a swift response from French President Francois Hollande, as he dispatched an aircraft carrier to the Eastern Mediterranean a day after airstrikes hit the key city ISIS stronghold of Raqqa. The United States responded with airstrikes on Monday, November 16, targeting hundreds of trucks that the U.S. military believes are used for smuggling oil. The NYT reported that 116 trucks were destroyed in American airstrikes by A-10 planes and AC-130 gunships in eastern Syria. ISIS generates millions of dollars per day by smuggling oil from Syrian oil fields, a source of revenue that has...
  • Iraq is flooding America with lots of oil

    11/17/2015 11:14:01 PM PST · by Citizen Zed · 23 replies
    cnn money ^ | 11-17-2015
    The U.S. more than doubled its imports of oil from Iraq between August and September, according to a Platts analysis of U.S. Energy Information Administration statistics. The dramatic increase in Iraqi oil imports is only adding to the already-massive supply glut that has pushed down oil prices. Crude oil prices sank to a four-month low of $40.06 a barrel this week and they're down 12% in November alone. The increase in Iraqi oil imports comes at a time of heightened concerns about security in the volatile Middle East region. France, U.S. and Russia have stepped up airstrikes in Syria aimed...
  • Exclusive: How Kurdistan bypassed Baghdad and sold oil on global markets

    11/18/2015 5:19:03 AM PST · by thackney · 7 replies
    Reuters ^ | Nov 17, 2015 | DMITRY ZHDANNIKOV
    Iraq's semi-autonomous region of Kurdistan has for the first time detailed its secretive oil exports operations and said it plans to sell more, whether Baghdad likes it or not, as it needs money to survive and fight Islamic State. The region's minister for natural resources, Ashti Hawrami, said that to avoid detection oil was often funneled through Israel, transferred directly between ships off the coast of Malta, and decoy ships used to make it harder for Baghdad to track. Kurdistan says it had been forced to bypass Baghdad and begin exporting oil directly because the latter refused to respect budgets...
  • Claim: Paris Terrorist Atrocity was a Big Oil Plot

    11/18/2015 4:47:17 AM PST · by smartyaz · 12 replies
    WUWT ^ | 11/17/15 | Eric Worrall
    The Ecologist speculates that the aim of the ISIS terrorists, who have claimed responsibility for the recent Paris terrorist atrocity, might have been aimed at protecting ISIS’ oil business from an anticipated new climate agreement. According to The Ecologist; Is it a coincidence that the terrorist outrage in Paris was committed weeks before COP21, the biggest climate conference since 2009? Perhaps, writes Oliver Tickell. But failure to reach a strong climate agreement now looks more probable. And that’s an outcome that would suit ISIS – which makes $500m a year from oil sales – together with other oil producers. But...
  • Compilation: Fossil Fuels, LNG, What's the facts? Jacki Daily Show!

    11/17/2015 4:19:11 PM PST · by RaceBannon · 8 replies
    The Jacki Daily Show ^ | 11/17/15 | The Jacki Daily Show
    Compilation: Fossil Fuels, LNG, What's the facts? Jacki Daily Show! On this episode of the Jacki Daily Show, Jacki is joined by Anne Korin the co-author of Petropoly. .Moral Case for Fossil Fuels; Restricting Them Means Loss of Human Life – Ethanol Mandate Kills JobsInterviews include Alex Epstein, Author of the Moral Case for Fossil Fuels . Jim Amos, Chairman of Proctor & Gamble's Franchising Division . "Switch” the movie – Can we switch from fossil fuels to renewables? UPDATED – Scott Tinker talks world population growth and the energy mix that will meet its demand over the next decades.
  • Texas Official Raises Terror Alarm over Border Access to Pipelines

    11/17/2015 1:16:15 PM PST · by thackney · 15 replies
    Rig Zone ^ | November 17, 2015 | Deon Daugherty|
    The federal government's failure to secure the Texas-Mexico border continues to put critical oil and gas infrastructure in the state at risk, Texas Railroad Commission Chairman David Porter said in a Nov. 16 letter to the Homeland Security Department. Citing several news articles, Porter said ISIS has attacked against oil and gas pipelines in the Middle East, and to do so in Texas could be part of the terror group's plans. In 2013, the Yemeni oil minister said the destruction resulted in almost $1 billion in lost revenue. Porter was echoing sentiments he expressed in a letter last year to...
  • The Gloves Are Coming Off in the U.S. War Against the Islamic State’s Oil

    11/17/2015 5:24:06 AM PST · by thackney · 52 replies
    Yahoo ^ | 16 NOV 2015 | Paul McLeary
    American military officials have come to the conclusion that the U.S.-led air campaign targeting Syria’s oil infrastructure — which has provided the Islamic State with hundreds of millions of dollars over the past two years — has been too cautious. A new offensive aims to change that. Officials would not say if the rules of engagement for the U.S.-led air war against the Islamic State, also known as ISIS, have changed to allow for a new and more aggressive round of strikes. But there was little doubt that the U.S. aerial assault that tore through 116 ISIS oil tankers parked...
  • Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry

    11/16/2015 7:34:10 AM PST · by bananaman22 · 14 replies ^ | 16-11-2015 | rus
    Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn. The result is a heavier discount for Russia’s crude oil, the so-called Urals blend. Bloomberg reported that the Urals typically lands in Rotterdam, a major European destination, at a discount to Brent of around $2 or less. But the discount has widened to $3.50 lately due to increased competition...
  • U.S. Warplanes Strike ISIS Oil Trucks in Syria

    11/16/2015 3:17:44 AM PST · by jimbo123 · 57 replies
    NY Times ^ | 11/16/15 | MICHAEL R. GORDON
    Intensifying pressure on the Islamic State, United States warplanes for the first time attacked hundreds of trucks on Monday that the extremist group has been using to smuggle the crude oil it has been producing in Syria, American officials said. According to an initial assessment, 116 trucks were destroyed in the attack, which took place near Deir al-Zour, an area in eastern Syria that is controlled by the Islamic State. The airstrikes were carried out by four A-10 attack planes and two AC-130 gunships based in Turkey. -snip- To reduce the risk of harming civilians, two F-15 warplanes dropped leaflets...
  • Canada's new, liberal Prime Minister immediately moves to cripple their energy industry

    11/15/2015 6:59:10 PM PST · by SeekAndFind · 32 replies
    Hotair ^ | 11/15/2015 | Jazz Shaw
    Well, that didn’t take long at all. When Canadians went to the polls and kicked out the nasty conservatives in favor of an all liberal, all the time government, we were pretty sure there were some big changes coming. Among them were, no doubt, plans to fight carbon and save the planet, which is as hot of a topic among Canadian liberals as it is in the lower 48. That expectation was met quite rapidly with Justin Trudeau’s announcement that he was getting ready to ban… (wait for it) … oil tankers off the west coast. (Yahoo News) Campaign...
  • THE JACKI DAILY Show! Listen live at 2PM Eastern!

    11/15/2015 10:33:13 AM PST · by RaceBannon · 6 replies
    The Jacki Daily Show ^ | 11/15/15 | The Jacki Daily Show
    THE JACKI DAILY Show! Listen live at 2PM Eastern! The host of the Jacki Daily show has had an impressive career in energy, law, and politics.Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as a corporate litigator, and as an Assistant Vice...
  • Canada's new, liberal Prime Minister immediately moves to cripple their energy industry

    11/15/2015 9:46:56 AM PST · by Kaslin · 23 replies
    Hot ^ | November 15, 2015 | JAZZ SHAW
    Well, that didn't take long at all. When Canadians went to the polls and kicked out the nasty conservatives in favor of an all liberal, all the time government, we were pretty sure there were some big changes coming. Among them were, no doubt, plans to fight carbon and save the planet, which is as hot of a topic among Canadian liberals as it is in the lower 48. That expectation was met quite rapidly with Justin Trudeau's announcement that he was getting ready to ban (wait for it) oil tankers off the west coast. (Yahoo News) Campaign promises often...
  • North Dakota natural gas flaring targets challenged by rapid production growth

    11/13/2015 2:39:55 PM PST · by thackney · 5 replies
    Energy Information Administration ^ | NOVEMBER 13, 2015 | Energy Information Administration
    Increases in North Dakota's crude oil production have resulted in increased associated natural gas production from oil reservoirs, especially in the Bakken region. Because of insufficient infrastructure to collect, gather, and transport this natural gas, about one-fifth of North Dakota's natural gas production is flared rather than marketed. North Dakota's Industrial Commission (NDIC) has established natural gas capture targets in an effort to reduce the amount of flared gas, and they recently issued a revision to the flaring targets in response to faster-than-expected gas production growth in the Bakken region. North Dakota's current target is to capture and sell at...
  • Oil Prices: The Bottom Isn’t In

    11/13/2015 1:57:25 PM PST · by thackney · 22 replies
    Wall Street Journal ^ | Nov. 13, 2015 | SPENCER JAKAB
    How...quaint. U.S. benchmark crude touched the $40 a barrel mark and much economic hand-wringing ensued with the Federal Reserve chief lamenting its effect on the "long-term path of the U.S. economy." Except the chief's name was Greenspan, not Yellen, and it was 11 and a half years ago. Today oil prices threaten to push through that psychological barrier from above, not below. Despite having peaked more than 16 months ago some two-thirds higher than today, prices have yet to find a firm floor. In fact, prices have staged a sudden reversal from what many investors had thought was a stable...
  • Is The Oil Industry Really Subsidized?

    11/13/2015 9:15:26 AM PST · by bananaman22 · 7 replies ^ | 13-11-2015 | pond
    sub•si•dy: (s?b′s?-d?) n. pl. sub•si•dies 1. Monetary assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest. 2. Financial assistance given by one person or government to another. The oil and gas industry is suffering through a severe and prolonged slump due to collapsed oil prices resulting in the loss of hundreds of thousands of jobs worldwide and the destruction of billions, if not trillions, of dollars in shareholder value. Governments in oil-producing jurisdictions, including Alberta, find themselves in severe financial difficulty because cash flow generated by first...
  • Texas oil economy may be shrinking (workers laid off from energy sector are leaving the State)

    11/13/2015 8:04:59 AM PST · by thackney · 5 replies
    UPI ^ | Nov. 13, 2015 | Daniel J. Graeber
    While federal data show Michigan shedding the most jobs, a Texas energy group said the state may be taking the brunt of the economic impact of low oil prices. For the week ending Oct. 31, the U.S. Labor Department said Michigan had the most initial filings for unemployment with 3,942, with losses coming from the state's manufacturing sector. Texas for the week shed 517 jobs. A survey from the Texas Alliance of Energy Producers, however, says the number of jobs lost in the state as a result of the depressed oil economy may be worse than initially forecast. Karr Ingham,...
  • Watch the spreads: oil prices tumble before year-end: Kemp

    11/13/2015 7:58:18 AM PST · by thackney · 6 replies
    Reuters ^ | 11/13/2015 | John Kemp
    Crude oil prices sold off heavily on Wednesday and Thursday, with front-month Brent futures falling more than 7 percent to the lowest level more two and half months. Prices slumped amid growing concerns about continued oversupply in the market, the build up of inventories and the possibility of storage space running on land and forcing more oil to be stored expensively at sea. The American Petroleum Institute reported on Tuesday that crude oil stocks in the United States rose by an unusually large 6.3 million barrels last week. The Energy Information Administration confirmed on Thursday a build of 4.2 million...
  • Oil crash job losses in Texas may be steeper than previously thought

    11/13/2015 4:12:40 AM PST · by thackney · 39 replies
    Fuel Fix ^ | November 12, 2015 | Rhiannon Meyers
    The number of oil and gas job losses in Texas may be far worse than an industry group originally predicted, potentially reaching 56,000, according to the latest analysis by the Texas Alliance of Energy Producers. When crude prices started collapsing late last year, Karr Ingham, a petroleum economist for the alliance, initially forecast that the state could lose 40,000 to 50,000 upstream oil and gas jobs during the downturn, but the fresh plunge in oil prices over the summer forced additional round of layoffs across Texas. "We now appear to be well beyond that estimate and the end is not...
  • Railroads Hit By Falling Oil And Coal Production

    11/12/2015 3:02:20 PM PST · by bananaman22 · 5 replies ^ | 12-11-2015 | Thomas The Tank
    According to the Association of American Railroads shows that rail traffic continues to slow down, as shipments of a range of commodities are sharply lower from a year ago. New data shows fewer shipped cargoes of coal, grain, metals, and oil across the United States in early November. For example, coal shipments are down 9.7 percent year-to-date compared to the same period in 2014. Cargoes of oil and other petroleum products are also down 7.7 percent over the same timeframe. For coal, the slowdown is due to dramatic fall off in coal production. As more and more coal plants are...
  • As total U.S. crude oil imports fall, Canada’s import supply share rises

    11/12/2015 12:02:17 PM PST · by thackney · 5 replies
    Energy Information Administration ^ | NOVEMBER 12, 2015 | Energy Information Administration
    Although overall U.S. crude oil imports have been declining since 2005, crude oil imports from Canada have been increasing. As of August, Canada provided 45% of all crude oil imports to the United States, almost three times as much as all Persian Gulf countries combined. The United States has been the primary destination for Canada's crude oil exports since the early 2000s. Based on data through the first half of this year from Canada's National Energy Board, 99% of Canada's crude oil exports were sent to the United States. More than half of these volumes went to petroleum refineries in...

    11/12/2015 11:23:06 AM PST · by thackney · 19 replies
    Houston Press ^ | NOVEMBER 12, 2015 | DIANNA WRAY
    The Keystone XL Pipeline is officially dead. Last week, President Barack Obama rejected the proposed pipeline, wrapping things up after years of staying firmly undecided on the issue. "The State Department has decided that the Keystone XL pipeline would not serve the national interest of the United States," Obama said during a 10-minute press conference. "I agree with that decision." Of course, environmentalists hailed the decision as a major environmental victory. The Sierra Club thanked Obama "for taking courageous action" in his decision to finally, finally shut down any hope that the pipeline would ever be approved. But the thing...
  • Aramco, Hyundai Heavy eye new ventures

    11/12/2015 11:15:57 AM PST · by thackney · 1 replies
    GDN Online ^ | 11/12/2015 | TradeArabia News Service
    State-owned oil giant Saudi Aramco and Hyundai Heavy Industries (HHI) Group have signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in Saudi Arabia. The signing ceremony was presided by Amin H Nasser, president and CEO of Saudi Aramco and Ki-sun Chung, senior vice president of HHI Corporate Planning. Jeong-Hwan Kim, chief operating officer (COO) of HHI Shipbuilding; and Cheul-ho Park, chief operating officer (COO) of HHI IP&E (Industrial Plant and Engineering) also attended the event. The MoU lays out a comprehensive, multi-faceted business cooperation framework in areas such as engineering, procurement and construction (EPC),...
  • A Year Into The Bust, American Oilfield Ingenuity Is Still Thriving

    11/12/2015 11:10:29 AM PST · by thackney · 8 replies
    Forbes ^ | NOV 4, 2015 | Christopher Helman
    ...there was hope that this downturn would be kind of like 2009, where prices fell sharply in the wake of global economic collapse, but shot back up just as quickly - leaving little collateral damage behind. It's clear now that's not going to happen. The 2009 collapse was driven by a sudden drying up of demand. This time around there's just too much supply -- especially in the United States. And it's simply not going away. According to the Energy Information Administration, domestic crude oil output peaked in April at 9.6 million barrels per day. Since then it has slipped...
  • How To Play A Potential Collapse In The HAL/BHI Merger

    11/12/2015 7:49:31 AM PST · by bananaman22 ^ | 12-11-2015 | HALBHI
    The Baker Hughes/Halliburton merger saga continues to drag on. Jefferies recently downgraded the probability of the deal being completed from 85 percent to 67 percent, indicating concern over the antitrust review being run by the U.S. government. Haliburton will have to sell roughly $7.5 billion in assets to get regulatory approval for the deal. More importantly though, it will have to sell those assets to a single buyer. Given that price tag, conglomerates General Electric and Siemens look like the most likely buyers. There is always the possibility of a dark horse bidder like Berkshire Hathaway or Blackstone, but that...
  • Radical Environmentalist are Anti Humanist: Jacki Daily Show

    11/11/2015 6:07:25 PM PST · by RaceBannon
    The Jacki Daily Show ^ | 11/8/15 | The Jacki Daily Show
    The Jacki Daily Show Radical Environmentalist are Anti Humanist - 11/8/15 Jacki starts the show interviewing Gifford Briggs, vice president and chief lobbyist of the Louisiana Oil & Gas Association (LOGA), which represents the independent and service sectors of the state’s oil and gas industry. Jacki is joined by Rob Henneke of the Texas Public Policy Foundation to discuss the upcoming At the Crossroads: Energy & Climate Policy Summit on November 19th 2015 Jacki is also joined by Robert Zubrin, author of" Merchants of Despair: Radical Environmentalists, Criminal Pseudo-Scientists, and the Fatal Cult of Antihumanism"
  • Analyst: Oil and gas companies burning through cash amid crude crunch

    11/11/2015 5:15:05 AM PST · by thackney · 5 replies
    Fuel Fix ^ | November 10, 2015 | Joshua Cain
    Plummeting prices for crude oil have restricted the spending power of many oil and gas companies over the last few quarters, as recent massive cuts in capital expenditures and slashed headcounts in Houston have shown. Illustrating how tight things have gotten for some companies, business research website FindTheCompany ranked firms in the U.S. by free-cash flow, which takes a company's operating cash flow and subtracts its capital expenditures. Using this metric, FindTheCompany showed that across all U.S. businesses, oil and gas producers had among the shortest strings on their budgets following the second quarter of 2015. Of the top 25...

    11/10/2015 7:18:00 PM PST · by Beave Meister · 10 replies
    Breitbart ^ | 11/10/2015 | JOEL B. POLLAK
    A whistleblower has emerged in the controversy of Governor Jerry Brown’s use of state oil experts to study his own family’s private land. Jennie Catalano, a mapping specialist for the California Department of Conservation, says she faced retaliation after complaining about being required to do personal work for Brown. It is illegal for politicians to use state resources for personal benefit. Brown says he used the same resources available to any Californian. The Associated Press confirmed the whistleblower complaint, which is separate from the original legal action by Kern County farmers alleging that Brown colluded with oil companies over the...